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Sep 26, 2012, 03.33 PM IST
Shares of IFCI fell 14 percent on Wednesday after the market regulator Sebi has approved a proposed hike of the government's stake in the company to 55.57 percent to make it a state-run company, without triggering an open offer for shares of public investors.
The Union Cabinet last month approved a proposal for conversion of debentures worth Rs 923 crore into shares of IFCI (Industrial Finance Corporation of India Ltd), following which the government's stake in the financial institution would rise to 55.57 percent, from a meagre 0.0000011 percent currently.
At 13:32 hours IST, the share was trading at Rs 30, down 6.54% after hitting an intraday low of Rs 27.65.
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